Primark boosted by surge in sales
Associated British Foods has said sales at its Primark stores in England and Wales reached record levels in the first week of reopening after the relaxation of Covid-19 lockdown restrictions.
The company said over half of the stores broke their own sales records last week as the retailer’s clothes resonated well with customers.
ABF said the performance was driven by increased basket sizes and an improvement in footfall across its high street, shopping centre and retail park locations, which brought footfall for the whole estate back to pre- Covid-19 levels.
Demand was particularly strong in the nightwear, lingerie and leisurewear categories, although womenswear items were also popular.
Looking ahead, ABF said: “We expect the period after the reopening of stores to be very cash generative as we sell the higher than normal inventory on hand. In line with our normal practice, we have placed substantial orders for merchandise for the coming autumn/winter season.”
Meanwhile, like-for-like sales at Primark in the first half of ABF’s financial year fell by 20% in the eurozone and by 6% in the UK.
